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Northair and Focus Sign Definitive Agreement for El Reventon Property, Mexico
International Northair Mines Ltd. (TSXV: INM) (the "Company" or "Northair") is pleased to announce that it has signed a Definitive Agreement with Focus Ventures Ltd. (TSX-V: FCV) granting Focus the option to acquire a majority interest in the El Reventon Property, located in the State of Durango, Mexico. In addition to terms previously announced (see press release dated April 10, 2012), the parties have agreed that once Focus has earned its 65% interest in the property by investing in exploration and making certain cash payments to Northair, Focus can increase its interest to 80% by completing a Feasibility Study.
Focus can earn a 65% interest in the El Reventon Project by incurring US$2,000,000 in exploration expenditures over three years, including a firm commitment of US$250,000 in the first year. Focus will also make cash payments to Northair totalling US$235,000 over two years, and maintain all underlying obligations of Northair by making cash payments under an existing option agreement to a property owner totalling US$139,000. Focus can earn an additional 15% interest by presenting a Feasibility Study of sufficient quality that would allow Northair to fund its share of the project, plus a cash payment of $100,000 to Northair.
About International Northair Mines
Northair is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. The Company has staked and acquired a number of projects that offer opportunities for significant discoveries, which includes the El Reventon Project. As well, Northair is currently compiling the results of a core drill program recently completed at its La Cigarra silver project located in Chihuahua State. The drill program consisted of 118 core holes totaling over 20,000 metres. Utilizing this data the Company will complete an initial resource calculation which is anticipated to be released near the end of Q4 2012. A third Mexican property, the Sierra Rosario silver gold project located in Sinoloa, is joint-ventured to American Consolidated Minerals Ltd which holds a 50% interest.
This news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and approved by Fred Hewett the Company's President and CEO, and a Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
"Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & CEO
For further information please contact Fred Hewett, President, Chris Curran, Manager of Corporate Communications or Brent Levenstadt, Investor Relations Associate
at 604-687-7545 or 1-888-338-2200
Website: www.northair.com/international/ Email: firstname.lastname@example.org
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See Northair's filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.